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How the War in Ukraine Could Affect Heating Oil Prices

Published: Wed, 9 Mar 2022

How the War in Ukraine Could Affect Heating Oil Prices

The ongoing conflict in Ukraine has seen oil prices raise to its highest level since July 2008. Now with the US placing a ban on Russian oil, what will be the lasting effect on oil prices?

 

With Russia being the third largest oil producer, any disruption to the export of Russian oil will have a direct effect on oil prices here in the UK. Over the last week, we have noted a jump in the price of gas amid the Ukraine conflict. This adds to ongoing worries that annual household energy bills could exceed £3,000 over the next year. The price of Brent crude increased by more than 20% last week as the conflict triggered fears of a shortage of oil on the global markets.

 

We have seen costs jump in recent days which is reflected in the cost of petrol and diesel at the pumps with averages currently at 158p and 165p a litre respectively. 

 

How to get the best oil price

Regularly check our heating oil prices listed on our homepage to ensure you are getting the best price for your oil. We update our prices daily and constantly monitor the market to bring you the best value heating oil prices when ordering over the phone.

 

What you can do

You could consider filling up your tank or filling up earlier than usual. With oil prices looking to increase in the coming days and weeks, if prices increase further, you will save money and have enough to last the remaining cold months. We are also seeing an increase in delivery times with only a limited amount of emergency delivery slots. It is therefore important to order in plenty of time to ensure you do not run out entirely.

 

Our team are on hand to assist you with any questions you may have. Simply call 01278 431 451 or send us an email at info@westernfuel.co.uk

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